Last week, an unlucky crypto investor was defrauded of $4.46 million in a phishing scam involving Tether (USDT).

According to blockchain service Etherscan, the funds were initially withdrawn from the cryptocurrency exchange Kraken’s wallet and then transferred to an address ending in “ACa7.”

PeckShield, a blockchain security company, determined that the address belonged to a phishing scammer.

Scam Sniffer, another platform, reported on Sept. 20 that the funds were sent to an address associated with the fraudulent cryptocurrency exchange Coinone. The platform cited a Dune Analytics user dashboard that showed that such scams have stolen about $337.1 million in USDT and affected about 22,000 people.

The Dune Analytics report suggests that USDT mining scams are becoming a serious problem, attracting more newcomers to cryptocurrencies.

These scams typically begin by sending seemingly innocuous messages to potential victims via email or other online platforms. Over time, scammers build relationships with their victims, often spending months gaining their trust before offering to invest in a fraudulent scheme.

The Dune Analytics report also states that since the first recorded transaction of its kind on September 23, 2021, there have been 49,427 USDT mining endorsement scams. The average amount stolen per transaction is $6,820.

The problem of crypto-fraud does not only concern individual investors: famous personalities also become victims of such scams. For example, billionaire entrepreneur Mark Cuban recently lost about $870,000 after clicking on a phishing link.